Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

6 of 10
BACKNEXT
Least affordable: New York City
Least affordable: New York City
$920,000 is the price for this four-bed, three-bath home in the New York City borough of Queens.
Median home price: $425,000
Median income: $64,800
Affordability score: 19.2%

Home prices can be staggeringly high in many New York City metro area communities, but median income is not commensurately high; it's under $65,000. That combo makes it the country's least affordable major metro area.

Although, affordability has improved: The median home price has fallen from about $500,000.

After holding up better and longer than most housing markets, sales and prices around New York City have started to experience greater declines. The market there is highly influenced by what's happening on Wall Street; when financial markets sneeze, the real estate industry there says "God bless you" with feeling.

More stability in the financial markets could lead to a housing market recovery.

NEXT: 2nd place: San Francisco

Last updated November 25 2009: 10:08 AM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Source: National Association of Homebuilders/Wells Fargo Housing Opportunity Index for the third quarter of 2009.
The NAHB judges a home to be affordable if a family making the metro area's median income could devote no more than 28% of their take-home pay toward housing costs.
More Galleries
Brexit voices: In or out? CNNMoney speaks to British people to find out their views ahead of the referendum on EU membership. More
10 key facts about the U.S. economy Unemployment is down, gas is cheap and America is growing. But just how strong is it? More
10 best investing apps (and sites) Investing should be cheap, effective and easy. These products simplify your financial life. More

Special Offer